1. Field of the Invention
The present invention relates to a method and system for managing business transactions that require goods or services from multiple vendors, and in particular to a method and system for providing a banking transaction to an individual while managing sub-transactions with one or more vendors.
2. Background of the Technology
There exist in the art paper-based methods and systems for completing financial transactions, such as providing mortgages, but these systems are typically slow and costly. Computer-implemented systems to manage financial transactions are also known, but these systems typically do not contain functionality to manage each step in the lifespan of a financial transaction. In particular, they do not provide functionality to initiate or track sub-transactions that are necessary for the completion of a financial transaction.
There is an unmet need in the art for methods and systems for the management of financial transactions, that include functionality to manage sub-transactions. A sub-transaction, also interchangeably referred to herein as an order or a product, relates to goods or services being provided during the life of the transaction, and sub-transactions help to define parameters of the transaction or otherwise bring the transaction to completion. For example, a financial institution or other company (also interchangeably referred to herein as a customer), such as a mortgage company, wishes to make a transaction with an end user. For example, the transaction may be providing a mortgage, and the end user may be an individual or business. The transaction may require the completion of one or more sub-transactions. One example of such a sub-transaction is a home inspection. Sub-transactions include transactions between the end user and a vendor, such as an inspection company, which has a service agreement with the financial institution. Sub-transactions also include, for example, transactions between the end user and the financial institution, between the financial institution and a vendor, or between a vendor and another party, such as an independent service provider.
There is an unmet need in the art for automated vendor distribution functionality that enables a financial institution or another requesting party to automate the distribution of sub-transactions to select vendors. There is a further need to provide order tracking and order management functionality. There is also a need to create a system that is tailored to the needs of a vendor management company. A vendor management company, also interchangeably referred to herein as a network vendor, is a vendor which itself outsources some or all sub-transactions to local independent contractors or service providers.